Maha RERA introduced real estate agent training and certification

Jan 25, 2023 | by TeamLease RegTech Legal Research Team

Loading audio.....

Industry Specific ComplianceThe Maharashtra Real Estate Regulatory Authority, on January 11, 2023, issued a notification regarding the introduction of real estate agent training and certification.

This shall come into force on January 11, 2023

The following has been stated namely: -

• in order to bring a certain level of consistency in the practices of real estate agents, enhance knowledge and awareness of the regulatory and legal framework and practices, and enforcement of code of conduct it has introduced basic real estate agent training and certification course for real estate agents across the State of Maharashtra.

• The MahaRERA has collaborated with the Institute of Banking Personnel Selection (IBPS) for undertaking online examinations so that real estate agents who clear the examinations are provided with a "Certificate of Competency"

• In view of the above the following directions are issued namely: -

 a) With effect from May 01, 2023, only those real estate agents who have a valid MahaRERA Real Estate Agent Certificate of Competency can apply for MahaRERA real estate agent registration/renewal of registration.

 b) The mandate mentioned in Clause (a) above shall apply to the following Persons namely: -

(i)  All individual real estate agents in case of individuals and authorized signatory (authorized for making application for MahaRERA real estate agent registration) in case of firms/companies/organizations (Other than Individuals).

ii) All employees/staff/officers by whatever designation are called working in firms/companies/organizations of real estate agents, who interact with homebuyers/allottees for effecting transactions in real estate projects.

c) Existing registered real estate agents shall obtain MahaRERA Real Estate Agent Certificate of Competency before August 01, 2023, and upload the same at their respective web page failing which action as deemed fit shall be initiated by the Authority. 

d) With effect from August 01, 2023 promoters of real estate Projects shall ensure that the names and addresses of the real estate agents if any to be given in compliance with Section 4 (2) (j) of the Act shall be of only such real estate agents who have MahaRERA Real Estate Agent Certificate of Competency. 

e) Guidelines detailing the process for real estate agents' training and certification shall be issued shortly.

Disclaimer: refer to the document to view further details

 

[Notification No. Order No. 41 /2023


Bookmark

Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.